IMF approves final round of debt relief for poor countries

The IMF said Monday it had approved the fifth and final round of debt relief under a program meant to help the world's poorest nations weather the Covid-19 pandemic.

The $115 million in relief under the Washington-based crisis lender's Catastrophe Containment and Relief Trust (CCRT) affects debt service payments falling due for 25 member states between January 11 and April 13 of next year, the IMF said in a statement.

In the statement, the IMF said its directors view the CCRT relief as having "helped its poorest and most vulnerable members to free up resources to tackle the pandemic and its repercussions," though they warn not all money pledged for the trust has been received.

The CCRT enables the IMF to provide grants to the poorest and most vulnerable countries hit by a natural disaster or public health crisis, and was tapped by the fund in April 2020 to aid the response to the Covid-19 pandemic.

Source: AFP